Bank Negara slashes interest rates by 50bp to lowest since 2010

Bank Negara Malaysia's Monetary Policy Committee (MPC) slashed interest rates by 50 basis points to 2% which is the lowest level since 2010.

KUALA LUMPUR: Bank Negara Malaysia's Monetary Policy Committee (MPC) slashed interest rates by 50 basis points to 2% which is the lowest level since 2010 as the domestic economic conditions have been affected by the Covid-19 pandemic.

The announcement on Tuesday to reduce the Overnight Policy Rate (OPR) was within market expectations as the economy undergoes a contraction due to the Covid-19 pandemic that had had battered countries around the world.